Jerry T. Stowell Country Futures Focus:Grains, Livestock Website: www.countryfutures.com E-mail: jstowell@kansas.net

COUNTRY FUTURES - May 5, 2008

COUNTRY COMMENTS BY JERRY STOWELL

CATTLE

By: Jerry Stowell

At 10:41 June LC are trading at 9145 down 67, while August Feeders are trading down 45 at 10770. Corn is trading 3-4 lower. Noon Beef saw choice up 81 at 15527, while select was down 28 at 15217. Volume was 114 loads. The latest CME feeder Index was 10487 up 21. We expect that Index to rise 3 points tonight to the 10490 area.

Our cash call for the week is steady to most likely $1 lower at 91-9150 South 147-148 North.

For this week we expect strong resistance in June LC from 9220 to 9245. Support is 9105 followed by 9005. We would be sellers this week above 92.00. Our downside target remains 88-90.

Grains Update by Darrell Holaday

It has been somewhat of a quiet day in the grain markets today. Large price increases in the energy markets are the most supportive factor along with a break in the US dollar value. The most negative factor believe it or not is the weather.

Current weather outlook seems to indicate a chance for moisture in HRW areas. In addition, the Corn Belt may have found a significant window to plant and early reports are that planters are rolling 24 hours per day and started that in many areas over the weekend. The market fears the fact that a large amount of corn may get in the ground this week before the mid-week storms move through. The first system may favor a southerly trek and that would be negative for corn.

Soybeans have shown the most volatility with news out of Argentina mixed.

Crude oil has once again tested the $120 level. That is the most supportive factor today.

If energy falters later today, the corn and soybeans may give up more ground.

At mid-day corn is down .05, soybeans down .14, and wheat is down .03.